Essay Sample on Family Business

Introduction

My family has owned a bakery business for the last eighty years. The business has been passed down from generation to the next, and it is my time to take over the leadership. My great-grandfather started the firm, and he believed that it should never be sold but passed down to the willing family members. I took a diploma in culinary, pastry and baking arts. I have a passion for baking, and that is why I gained interest in taking over the family business. For the last five years, the business has been experiencing tough competition, and it has weakened the business thus experiencing financial strains. I have a passion for baking, and I feel that I can restore the glory of Tanner's Bakery and maintain the legacy of my family. I believe that when there is effective management, proper financial planning and improving our products, the business will be able to compete fairly in the market and increase the profit margins.

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Legal Structure

My plan is making over the entire business, and thus I will be adopting the limited liability company (LLC) structure. Tanner's Bakery operating as LLC means that the family will not be liable for the debts or liabilities of the venture. Initially, the business was operating as a sole proprietor where the family was in charge of financing all the operations. There are lots of debts which have been accumulated over the last five years, and they are all accumulated over the family and expected to be paid by the family. The debt is already large, and I have to change that by ensuring that the business is LLC. There are various advantages which are associated with the LLC structure which made me chose the system. Tax flexibility is one of the benefits where the business owners determine how the taxing will be done. When the taxes are less, it means that the liabilities will be reduced. I will be having less paperwork in the bakery, and it will reduce by overall operations. Limited liability is the other advantage the Tanner family will be exempted from all liabilities, and we will not have to accumulate any debts. However, there are some disadvantages such as confusion of roles since there are no specific duties for specific individuals. Self-employment taxes may increase the expenses of the bakery and may cause financial issues. Despite the few issues, LLC would be the best structure to use in restoring the operations and profitability of Tanner's Bakery.

Types of Management Positions

I will be at the top as CEO of Tanner's Bakery overseeing all other operations in the business. I will also be active in the kitchen where I will be assisting in the production of the different products distributed to our clients. The general manager will be holding the next position and will be overseeing all operations in the management and operational departments and reporting back to me. He will be assisted by a secretary in assigning duties. In the management department, there will be the administration manager, marketing manager and financial manager, each responsible of ensuring that operation in their departments do not experience any problems and in case of any, they are solved as fast as possible. In the operation department, there will be six bakers and two cashiers. When each is responsible for their operations, chances of improving Tanner's Bakery will increase.